SEP IRA
A SEP IRA (Simplified Employee Pension Individual Retirement Account) is an ideal retirement savings option for self-employed individuals and small business owners. It allows for higher contribution limits than traditional and Roth IRAs, making it a valuable tool for building retirement savings. Contributions are made tax-deductible, reducing your taxable income for the year. Employers can contribute up to 25% of an employee’s compensation or a maximum of $66,000 (for 2023). Setting up a SEP IRA is relatively straightforward, and it requires minimal paperwork, making it an attractive choice for those looking to enhance their retirement savings while benefiting from tax advantages
- Retirement Savings Plans (IRA, 401(k), etc.)
Retirement Savings Plans: IRA, 401(k), and More Explained
When it comes to planning for retirement, one of the most important steps is to have a solid strategy for…
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